Thomson Reuters today announced the launch of Fintech Innovation Challenge. With the launch of this initiative, the firm intents to identify and collaborate with innovative local technology startups. It aims to create a rich and inclusive ecosystem to support data-driven businesses in the financial services industry.

As a part of its open strategy, Thomson Reuters has opened its Eikon platform for fintech startups operating in the space of banking technology, foreign exchange markets, investment technology and insurance markets & technology among others.

Thomson Reuters Eikon is the powerful and intuitive next-generation solution for consuming real-time and historical data, enabling financial markets transactions and connecting with the financial markets community. These startups will be able to leverage Eikon’s proprietary data and business insights, through Eikon App Studio to build apps that would significantly enhance customer experience and decision making.

With Eikon App Studio, we are drawing on open technologies to eliminate the barriers to efficient, collaborative workflows in the financial industry. It will help financial professionals generate fresh business ideas, respond rapidly to market changes and deliver new tools and services to their clients.

Zone Startups India, an accelerator operated by Toronto-based Ryerson Futures, has partnered with Thomson Reuters to drive this challenge. This eight-week program will culminate on December 2, 2016 in a Grand FinTech Innovation Day, where shortlisted start-ups will present to leaders from the ecosystem, including Thomson Reuters.

Chosen winners will be on-boarded on to Eikon App Studio, which will give them access to a wealth of data and clients across the globe. The platform will provide access over 500,000 institutional clients to FinTech startups and companies.

Ajay Ramasubramaniam, Director, Zone Startups in a statement said,

It is very exciting for us to work with a global leader such as Thomson Reuters. What makes it even better for startups is that Thomson Reuters is opening up its proprietary data to the selected teams. This data, coupled with the internal mentors, will help startups in leveraging knowledge, access to institutional customers and doing a live proof of concept.